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Comparing between two banks ( in the view of an investor) - Essay Example

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Comparing between two banks ( in the view of an investor)

It also provides my opinion concerning about the banks as a whole and what is best. The credit cards that are offered by the Abu Dhabi commercial bank are the best when compared with those from the Islamic bank. This is mainly because it offers services that are attractive for their customers and other investors unlike the credit card from the Islamic bank (Aldohni, 2012). First and foremost the commercial bank’s card allows for flexibility and convenience in the investor activities as it enables them to pay their utility bills or make payments for school or college fees in over 300 institutions located within Abu Dhabi. With the card from the commercial bank, an individual may also get discounts when using it to travel thereby saving his or her money (Kapoor, 2004). It additionally offers a plan for personal payment with lower interest rates and is payable in installments and also offers lower interest rates when using the card for the purpose of transferring balances from other banks to the commercial banking institution (Aldohni, 2012). The commercial banks credit card is also superior to the Islamic card because it may enable customers to enjoy superior experiences in their lifestyles. This may be achieved through their offers of free movie tickets, free golf playing opportunities for investors who spend a minimum of AED 1,000 on a monthly basis and the 50% discounts they receive upon visiting some popular joints in the country (Kapoor, 2004). Despite the bank charging an annual charge

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of AED 500, the card holders may enjoy benefits worth over AED 10,000 per annum. This card imposes lesser restrictions on the investors and may safeguard their money from thieves who may be in possession of their cards since they cannot withdrawal all the amount unlike for the Islamic Bank’s card (Kettel, 2011). The Islamic card may not also bring interests for the investors as it is prohibited under Islamic laws. In terms of the savings accounts operated by the two banking institutions, an investor would achieve more advantages through the use of an ADIB savings account than the commercial bank’s savings account (Kapoor, 2004). The ADIB savings account provides an interest rate that is dictated by the profits or losses incurred by an investment whereas for the ADCB savings account the interest rates depend on their balances (Aldohni, 2012). In addition, no minimum salaries are required for transfers to be facilitated unlike the commercial banks which allow transfers for investors who have a minimum of AED 5000. The profits in the ADIB are calculated every month and credited to an investors account after every three months unlike in the commercial bank where the interests are paid out for every half year. This savings account is better for most investors since it does not place age restrictions on those who may decide to invest (Kettel, 2011). This is unlike the commercial banks which stipulate that those aged below 18years may only open a savings account in their institutions through the assistance of a guardian (Kapoor, 2004). In view of the educational loans offered by the two banking institutions, an investor should go for the ADCB option. This is mainly because their agreements are not based on Islamic law and may apply to students from diverse religious groups. It also requires that the students who obtain it should pay interests of 10-12% on the principle amounts awarded which implies that the investors will

Summary

Comparing Between the Abu Dhabi Commercial Bank and the Abu Dhabi Islamic Bank Name Institution Course Date This paper describes the products offered by two different banks in Abu Dhabi, which are the Abu Dhabi commercial bank and the Abu Dhabi Islamic Bank that are located within the UAE…
Author : janicemills
Comparing between two banks ( in the view of an investor) essay example
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